The government of Cape Verde has taken control of the unfinished hotel-casino complex in Praia, originally launched by Macau Legend Development, ending a protracted process of reversion tied to the failed investment.
According to a report by Lusa, the seizure was completed on Friday and publicly confirmed in a government statement on Saturday. The action marks the conclusion of a reversal procedure that stemmed from a 2014 memorandum of understanding signed between the investor and the State of Cape Verde.
The agreement had envisioned a tourism and real estate development along the capital’s bay area. The government stated that it had exhausted all avenues to facilitate the implementation of the project. However, it concluded that the investor had “irremediably breached” the terms of the contract.
The development remained incomplete after construction work stalled several years ago due to financial challenges faced by Macau Legend.
Initially announced in 2015 by businessman David Chow, the project involved a proposed €250 million ($290 million) investment. Groundbreaking began in 2016, and the first phase was slated for completion by 2021. Progress halted shortly thereafter, and the site was left unfinished.
In October 2023, authorities in Cape Verde moved to revoke the gaming concession held by Macau Legend, citing concerns over the company’s ability to see the project through. This was followed by the formal termination of contracts in November 2024, as officials pointed to persistent breaches of legal and contractual obligations associated with the casino and tourism initiative.
Macau Legend has since acknowledged that it anticipates recording a significant impairment loss related to its holdings in Cape Verde and Macau. The expected write-down covers deposits, property, equipment, and right-of-use assets connected to its development activities in the two regions.
Original article: https://www.yogonet.com/international/news/2026/01/22/117215-cape-verde-government-takes-over-unfinished-290-million-casino-project-from-macau-legend
